Just got a reply from Michael:
Hello,
by your Email it came to my mind, that I never connected speakers to an HM1, even not for fun.
I wonder if you tried it meanwhile. It will not do any harm neither to the HM1 nor to the speakers, but I doubt that it would be a satisfying event.
From my experience, one of the most important basics in high end audio is abundance. Small table top speakers with a power rating of 10-20W should be able to reproduce impulses with at least 10-times the power, and the amplifier should be able to deliver this. Natural audio signals are extremely dynamic. They can only be reproduced authentically, if the reproductive device is extremely dynamic too.
With headphones we face a power requirement of typically 0,5W RMS per side (a very rough value). So the HM1 RMS power (sinusoidal signals) of 4W@30 Ohms and 7W@15 Ohms provides lots of headroom. The peak power (impulse-like signals) is even more, limited by a current limiting circuit. This current limiting circuit allows even higher power for 1,5ms (also refer to the technical data in the manual).
Impedance is another issue. The HM1's output impedance (0,8 Ohm in Class A mode and 0,045 Ohm in Class&Servo-Mode) provides a perfect damping factor for loads like headphones, which typically are in an impedance range of 25 to 100 Ohm, rarely 15 or even 10 Ohms. Speakers are typically in the 4 to 8 Ohm range, sometimes lower. So the output impedance of a speaker amplifier should take this into account.
Now you may think, if abundance regarding output power and output impedance is the clue, why not use a powerful speaker amplifier for driving my headphones?
The answer is that an amplifier design for rather small output power and an amplifier design for rather large output power are two very different things. A design for high output currents requires significantly more additional components and measures. Both in the power stage and in the power supply.
Now another principle in high-end audio comes into play: minimalism. No superfluous circuit parts. When developing a power amplifier for headphones, I don't have to worry about many things that are important when driving loudspeakers. The circuitry can be more straightforward. And I can say that this benefits the sound quality, especially the transparency.
Hope this makes sense for you.
All the best,
Michael
TL;DR: HM1 is stable into any load so no harm in hooking it up to some sensitive speakers, but it wasn't designed for it and Michael doesn't recommend it. No extra data for sub 10 ohms power figures.
I think it's absolutely fantastic that Michael personally responds to inquiries like this, it's the personal touch many modern companies lack!
I'll probably attempt to power some speakers with the HM1 anyway at some point, just have to cobble together a suitable adapter